Anglo American Plc
Anglo American Plc
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Anglo American’s £404.9M cash bid for Sirius Mines’ world class UK potash project comes with a warning that failure could lead to bankruptcy. By MBM’s UK correspondent
International mining giant Anglo American has confirmed it’s in advanced talks on a possible £386M takeover offer for struggling English potash project developer Sirius Minerals. Directors of the target company indicated they would support an offer at the suggested 5.5p per share value.
Construction of Sirius’s $US2.91B North Yorkshire polyhalite project was slowed in Sept 2019 to allow a search for funding and a major strategic partner.
Widespread flood-generated power cuts are shutting down mining operations across South Africa
Australian underground coal specialist Mastermyne Group has been awarded a 3-year extension worth $A250-350M in revenue to its Moranbah Region umbrella contract at Anglo American Metallurgical Coal’s Moranbah North and Grosvenor metallurgical mines in Qld’s Bowen Basin.
The extension of its current 5-year contract covers design, supply and maintenance of ventilation systems, secondary support, outbye support and maintenance, conveyor systems and development work at the underground mines.
Global miner Anglo American has had mixed Sept 2019 qtr (Q3 19) with coal, iron ore, gold, nickel and manganese all up on Q2 19, but diamonds and platinum group production down.
The standout was the ramping Minas-Rio iron ore operation, up 4% to 6.1Mt , with its FY/CY19 guidance increased to 20Mt-22Mt from 19Mt-21Mt on continued strong performance.
The ramping Minas-Rio iron ore operation and a big coal performance, particularly Australian metallurgical coal, were the highlights of Anglo American’s Q3 19
Anglo American has called on Australian underground development specialist Mastermyne Group for roadway development in the mains and gate roads as well as coalface-to-pit shaft related services for the new longwall operation at its Aquila hard coking coal project in Qld’s Bowen Basin.
The 2-year contract is expected to generate total revenue of up to $A95M from the mining contract and equipment supply. Mastermyne will supply development equipment from its fleet and deploy a continuous miner and ancillary gear.
Thousands of South African gold mining employees or descendants of deceased miners will be in line for payouts of between R70,000 and R500,000 after the High Court in Johannesburg approved a R5B agreed settlement with five major mining companies.
The court’s ruling that the settlement is reasonable, adequate and fair ends a complex class action on behalf of miners who contracted silicosis or tuberculosis during or after working in the nation’s gold mines since 1965.
Anglo American aims to start development work in September after its board approved the proposed $US226M development of the Aquila premium-quality hard coking coal project in the Bowen Basin of central Queensland, Australia.
The project comprises the Capcoal opencut and Grasstree underground operations. It aims to extend the underground operations by six years to 2028, with first longwall production in early 2022.
International miner Anglo American has lifted its June 2019 half (H1 19) attributable profit to $US1.88B, up 46% on H1 18, with a sustained business performance lifting underlying EBITDA 19% to $5.5B on revenue up 8% to $14.7B.